The fair rules approach to fairness requires
A) that consumer surplus equal producer surplus.
B) income transfers from rich to poor.
C) property rights and voluntary exchange.
D) that marginal cost equal marginal benefit.
E) that consumer surplus exceed producer surplus because there are more consumers than producers.
C
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Activities that create water pollution are best associated with:
A. inferior goods. B. positive externalities. C. negative externalities. D. normal goods.
For the monopolistically competitive firm, the demand curve it faces will be steeper the:
A. more easily the good can be substituted. B. more complement goods are available. C. less easily the good can be substituted. D. less complement goods are available.
The predecessor of TANF was Aid to Families with Dependent Children
a. True b. False
A maximum legal price that may be charged for a particular good or service is known as a
A) price floor. B) price ceiling. C) black market. D) price support.